Acore Capital has raised $1.4bn (€1.31bn) for its latest US real estate debt fund.

The firm said Acore Credit Partners II was oversubscribed and will focus on originating and managing “transitional debt investments”.

Investors include US pension plans, sovereign wealth funds, endowments and foundations, insurance companies and family offices.

IPE Real Assets reported this week that Virginia Retirement System had approved a $250m commitment to the fund.

“We sincerely appreciate the strong support we received from some of the world’s largest domestic and foreign institutions, many of whom have previously invested with us,” said Warren de Haan, CEO of Acore.

“We believe the success of this fundraise – especially in a very difficult capital raising environment – is a testament to our track record, relationships and the incredible opportunity we see to deploy capital into transitional real estate over the next few years.” 

Michael Romo, senior managing director and head of global capital raising and investor relations at Acore, said: “Acore was established to serve as a reliable and trusted alternative to traditional sources of real estate debt. The increased cost and significant reduction in the availability of debt capital from traditional lenders is creating very attractive investment opportunities for Acore.”

Since its inception in May 2015, Acore said it had originated approximately $40bn in loans since its inception in 2015, and that as of 31 December 2023, it had approximately $20bn in assets under management.

To read the latest IPE Real Assets magazine click here.

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